All Forum Posts by: Tim Adams

Hello everyone, I have a question for the group regarding partnerships on real estate deals that are contributing financially to the purchase of a property. If I am buying a property and using a partnership to cover 50% or even up to 100% of the down payment how do you normally navigate the property titling? If you are using a partnership do both parties (myself and my $$ contributer) have their name of the property of just me? I feel like I would be more comfortable keeping just myself on the loan/mortgage and title and drawing up a contract outside of the home purchase that specifies our terms of the purchase, money contributed and financial split moving forward with cash flow and if the home is sold. Is this something done normally or is it necessary to list the partner when buying a property? I just want to make sure that I do what I am supposed to "legally and technically" but want to keep myself and partner protected should something happen in the future. Thanks for your help and advise in advance, any input will help. Personal examples would be great if you've been in this situation  as well. Thanks!

Hey everyone, I'm working on getting into the real estate investing world and I just want to make sure that I understand a rule regarding FHA loans to ensure I use it correctly and go forward with the right information. I know it true that with an FHA loan you are required to live at the home for one year in one unit while renting out the other units (house hacking) but does an FHA loan also cover a single family home if I rent out individual rooms in the house? Does this angle qualify for this type of loan and allow me to use the same advantages on down payments and allow me to get into real estate even without a multi family home purchase? Looking for any and all thoughts and input. Thanks!

@Nathan Gesner Thank you for your response. It is insightful and really gives me a lot of information to work with! This helps me a lot

Hey everyone, my question is in regards to setting up bank accounts for properties. I am a new investor who is hoping to jump into my first multi family purchase this year, the question that I have is when buying property do you normally set up new bank accounts where all rent/cash flow go that is separate from your personal savings or checking accounts? And additionally, when you have multiple properties, Do you normally have all properties earnings going in and out of that one account or is it usual to set up multiple bank accounts for each property to keep all money in/out separated? I’m trying to understand the logistics and what is normal during this process. Thanks in advance for your comments and advice!

Hey all, I am not new to Bigger Pockets but I am new to home buying and am in a place where I want to actively pursue purchasing my first property. I have looked through many markets and am looking for the best option for myself. The question that I have is in regards to FHA loans and multifamily investing as a house hack. I know that in order to use an FHA loan to but multifamily I must live in one unit to comply with "owner occupied" restrictions with the loan. How does this work if I travel for work and may or may not be physically at the home for a large portion of the year? I work as a travel nurse and go to various cities in different states frequently and am wondering about the logistics of this move. If I were to use an FHA do I need to provide proof that I am a full time occupant and resident of the state to comply? Or is my traveling allowed within the guidelines of this loan? If anyone has some insight I would greatly appreciate it. Thanks!

Hey Everyone, I am not new to bigger pockets as a reader and podcast listener, however I am new to the actively looking for property aspect. Here is my situation and I would just love any feedback on what you think is the best option for me starting out.

I currently live in Los Angeles with my girl friend as she works in the entertainment industry. I am officially out of all debt and beginning to save to start buying multi family real estate for rentals and I am trying to decide where to begin. As I currently rent an apartment in Hollywood I have been considering saving enough money to buy a 3-4 plex in/or around LA where I can get an FHA loan and live (rent free) in one apartment while fixing up and renting out the others.

My question for everyone is based on the price of housing in Los Angeles, I will be looking at Atleast an 750k-1mil. Property investment if I take this route. Even at $2500/month I pay currently for rent would it be worth it to take on this venture or should I look out of state where I could conceivably buy several properties for the same price even though I'll lose the FHA and have to do the full 20%? Just trying to consider how much not paying rent real my affects me long term or should I just bite the bullet for another year or so while building a portfolio elsewhere?

Thanks for your insight, I’m eager to hear some of your thoughts.